For the family on a budget

  • “Insurance tends to creep up with inflationary adjustment. Every two years, you owe it to yourself to get additional quotes for premium payments, to make sure you’re getting a competitive amount. It’s cumbersome and time-consuming to keep reevaluating your insurance policies, but the savings can be tremendous.” — Kim Dula, CPA and partner, Friedman LLP
  • “Check out gift-card purchasing apps. I frequently purchase a gift card that downloads to my phone while I wait in line and save as much as 20 percent at places I shop regularly.” — Jeffrey George, wealth management adviser, Merrill Lynch

For the empty nester with a little cash

  • “If you’re still working, max out your retirement investing — 401(k) and IRA — for both spouses. Take advantage of catch-up contributions that allow you to invest more once you reach age 50. If you’re saving in non-retirement accounts, focus on tax-efficient investing options such as broad-market stock index funds.” — Maria Bruno, senior retirement strategist, Vanguard Investment Strategy Group
  • “Create a ‘stop-doing list’ of all the things you did because there were kids in your household. You’ll realize that some recurring expenses, like your pool membership, only made sense when children were around. I advise my clients to examine these expenses and do away with them if they can. Then it’s about redirecting the newfound money. Most people think that once they’re done rais-ing…